Is equity release a good idea for 2021?
Using equity release is a safe way to access money from your property, which follows the Financial Conduct Authority regulations. These mortgages are also controlled under the Equity Release Council.
The best thing about this option is that you get to maintain possession of your property whilst still gaining any increase in value over time. Another added bonus is that you are ensured to have no negative equity. On the other hand, this type of mortgage does lessen any money you planned to leave for your children or others to inherit.
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Is now the time to release some equity?
Equity release products are only available to property owners aged 55 and above. Yet this offers them money which can help to fund retirement plans, pay debts or perhaps provide help to family. Despite these great benefits, those considering using equity release need to know some of the potential financial risks which are involved. The main one being that inheritance money will be reduced as form of repayment for the money borrowed in addition to interest. Although there are some similarities to more typical money borrowing products, it is different due to the fact that the money does not have to be paid back monthly, however you can opt to if you wish. Because equity release uses compound interest, the total repayment sum may change.
As the repayment total can increase, this can be managed via different product options you can choose to best suit you. Furthermore, it is important to remember that the value of your property is likely to increase over the years which may help to cover the final repayment cost. Online calculator tools can be used to estimate the future value of your house.
What options are available in 2021?
Different types of options in new plans may include fixed interest, fixed early repayment charges, voluntary payments, downsizing protection and more.
Another thing to consider is that if you are receiving means tested benefits, you may lose these in the processing of arranging equity release due to the fact you will receive a lump sum of money which could affect whether you meet the benefits requirements.
If you feel you need more information about your potential Equity Release…
How safe is equity release?
Some people may be concerned with the safety of equity release products due to the fact they were not regulated years ago. However that is not the case now. Nowadays these borrowing schemes are regulated and monitored by the financial conduct authority which give permission to both lenders and advisors of equity release, with which they have specific terms to follow. There is also protection from the equity release council which provide a code of conduct which protects customers of equity release products. This provides them with promise of no negative equity, the ability to be able to remain in your property and more regarding required legal and financial advice.
If you’re looking for more information about Equity Release from the people who know…
We make recommendations
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First Equity Release has an experienced team of dedicated advisers who make recommendations based on our clients’ personal circumstances. We can guide you through the most suitable options, with your future and your family’s future in mind. We can also recommend products that protect your estate from additional costs, giving you a detailed projection that shows exactly how much the plan will cost over your lifetime, enabling you to gain a full understanding on the financial implications of your decision.
It’s important to find the right provider of your Equity Release…
Why choose us?
Quick
Find out how much you could release from your property quickly.
Experienced
Our advice is delivered by fully qualified equity release experts.
Clear
Our processes, recommendations and projections are clear, accurate and fair.
Honest
If equity release is not right for you, we’ll tell you.
Caring
We will take the time to get to know you, recommending products whilst considering your goals, aspirations and priorities.
No-obligation
Find out if equity release is a good fit without having to spend a penny - we provide free, no obligation initial consultations.
Knowledgable
We’re experienced across all areas of mortgage advice, with deep knowledge in equity release.
Up-to-the-minute
We remain up to date with new legislation and emerging products, so we know whether a product represents a great deal that best suits your needs.
Request your FREE no obligation consultation
Whether you’ve just started considering equity or release or wish to learn more about the risks and rewards, First Equity Release can give you expert advice every step of the way. Our friendly and experienced advisers know just how daunting the decision can be, but we can provide personal and unbiased advice based on your individual circumstances, goals and needs. If you’d like to speak to our team or wish to tell us about your later life plans, please get in touch today on 0800 2545 223 or send us a message. You can also arrange your completely free consultation by completing our enquiry form.